Inmarsat income falls 20%

Inmarsat posted a 20 per cent fall in full-year pretax profit after revenues dried up from the ill-fated LightSquared plan to create a new mobile network in the US.

The company, which also provides services to aircraft and military and aid agencies, posted pretax profit of $294 million for 2012.

Excluding the contribution from LightSquared – total revenue for the year rose 6 per cent to $1.28 billion, helped by increased take-up of its newer broadband terminals.

“We expect organic new revenue growth to outpace the expected loss of revenue from the on-going withdrawal of troops from Afghanistan,” the company said. “As a result, we remain confident that we will report net revenue growth in 2013 in our Inmarsat Global MSS business.”